Cost Concepts

Name: Cost Concepts
Rating: 3.9 (20 reviews)

cost theory and its behavior

Created bySwetha Sanath

Last updated 12/2021

English

What you'll learn

Understand types of cost
Understand the concepts of cost
Understand the cost behavior
Understand what Fixed costs are and variable costs are

Course content

1 section • 12 lectures • 34m total length

Introduction0:54
Introduces the reason why it is important to understand concepts of cost
Cost definition4:12
Simple definition of cost in lay man's terms. This helps appreciate the concept better and lays a good foundation to what is more to come
Cost classification- Accounting & Economic costs3:39
Costs can be classified as accounting costs and economic costs
Types of costs1:52
Cost types are explained with examples
All costs are variable in the long run1:52
This video explains the reason behind why all costs are variable in the long run
cost components4:44
Fixed cost curve0:31
Variable cost and total cost curve1:10
Average cost curves2:49
Assignment 1-Create a Cost identifier table
Long run average cost curve1:12
cost behavior explained with an example8:59
This video discusses in brief the cost components and their behavior in the short run with an example.
Long Run Average Cost cure analysis3:05
Assignment 2- To understand how the fixed and variable cost affect product price
Assignment 3- Problem 3- Identify types of cost and calculate FC & VC per unit

Requirements

No prior knowledge of Costing is required. This course is built to introduce the concept and build upon gradually thereafter. Best suited even for beginners. Guarantees Concept clarity for those who have a bit of prior knowledge.

Description

The aim of this short lecture is to introduce concepts of cost to the viewer. Gradually widen the knowledge base from there upon to explain components of costs, classification and the nature of its behavior in relation to the levels of output in both the short run and in the long run.

One should be able to distinguish the nature of costs incurred and cost per unit of output clearly after this course. Cost behaviors in respect to levels of output and time are explained in simple yet crisp terms.

Cost curve depiction on a graph; both in short run and long run are clearly cited with examples. The average cost curves are but an extension of the above and are clearly explained in this course.

A tabulated data of examples of cost at varied levels of output are discussed in detail to make the concept come alive for the viewer. This task of a real life example will ensure that the concept is drilled down with clarity with no room for confusion.

In all, this is the best introductory course on cost concepts that will set the stage for advanced concepts of costing and cost accounting. Once the base foundation is laid on the rest is as simple as building blocks of a solid structure on it,

I hope this course delivers what it intends. I urge the viewers to reach out in case of any queries or further clarifications. I value your opinions and would greatly appreciate if you could leave your feedback and your review. This would encourage and also help improve the course content for the better.

Who this course is for:

Both beginners and students with intermediary level knowledge on the topic